BREAKDOWN: Surveying the Carnage: How Real Estate, Travel and Music Are Faring During the Crisis
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 6 May 2020
⏱️ 25 minutes
🧾️ Download transcript
Summary
This episode is sponsored by ErisX, The Stellar Development Foundation and Grayscale Digital Large Cap Investment Fund.
The second order effects of the COVID-19 crisis are here, and they’re painful. In this episode, NLW looks at how COVID is impacting three industries:
Travel and tourism
- 100m lost jobs expected globally
- $2.7 in lost GDP
- Airbnb lays of 25% of employees
Music & Concerts
- From a record $12.2B concert year to a loss of $9B
- Expectations of concert prohibition lasting up to two years
- Industry organizing to be included in relief
Real Estate
- Commercial real estate expecting 2.5% default rate for 5+ years
- Negotiations around sales-based payment instead of traditional rent
- Residential sees cratering demand but home prices remain up year over year
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Transcript
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| 0:00.0 | Welcome back to The Breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond. |
| 0:12.0 | This episode is sponsored by ArisX.com, the Stellar Development Foundation, and Grayscale Digital Large Cap Fund. |
| 0:20.0 | The Breakdown is produced and distributed by CoinDesk. |
| 0:22.6 | Here's your host, NLW. |
| 0:27.8 | Welcome back to the Breakdown. |
| 0:30.0 | It is Wednesday, May 6th, and today we are following up on a conversation we've been having |
| 0:35.2 | in some way for weeks, which has to do with second |
| 0:38.1 | order effects, what it means to the world that the economy of basically everywhere around the |
| 0:45.2 | world has been shut down for so long to fight this virus. I wanted to actually have a chance |
| 0:51.3 | to go look at a number of different industries and rather than just talk |
| 0:55.4 | theoretical second order effects, actually look at what's happening. This crisis has been going |
| 1:00.5 | on long enough now that we actually have numbers and more estimates coming in, and it's really |
| 1:06.7 | bleak and crazy and in some cases even surprising. So what we're going to do is I think this is going |
| 1:12.3 | to end up being a couple days at least a series called surveying the carnage. Today we're going |
| 1:18.6 | to look at travel tourism and transportation. We're going to look at the music industry and then |
| 1:22.9 | we're going to look at real estate. Travel tourism and transportation first. This is a sector which I think |
| 1:29.9 | everyone knew right away that the COVID-19 shutdowns, the COVID-19 pandemic, would have an |
| 1:36.1 | outsized impact on. This is the first set of actors, the first set of businesses that are |
| 1:42.3 | forced to shut down in any sort of situation |
| 1:44.8 | like this. And obviously, this was going to be a hugely impacted industry. Just for reference, |
| 1:51.1 | tourism is 10.3% of global GDP. So this is a significant part of the world's business. And the first |
| 1:58.5 | estimates that have coming in, which may even be low, to be honest, |
... |
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